The idea is interesting to me but I'm not sure if it is still a profitable business model still.

Phil took my version 1 of this spreadsheet and ran with it if you'd like a sample model for a more in-depth analysis:Pro Forma Template - Small Apartments v7You should check out BP more.

Your model sounds exactly like what I did.I had a 60's split level in Murphey Candler.

Our base model will cost 85 a foot all in and sell right at 325k for 2000 sq ft. plus 66k for lot which is our all in cost on the lot. 

Given that the commission percentage model is still the norm, will give you an indication of the success of these endeavors.

@Ray Browne Ray, can you recommend a manufacturer, model number and good source for these units?

I invested cash and my return has been quite good.I have not had HOA issues or assessments although I keep a large rainy day fund in case it comes.I did have competition from other units but I remodeled a tad higher taste (just a good combo of construction materials, nice colors and good workmanship) that appealed to the aspirational side of enters without screaming expensive, nor being expensive to me.I rented all units in a matter of days.

I will be working on my 506C to expand my contacts.As a retired Army guy I have some goals and aspirations to reach in Real Estate.Connecting with some Private Money Lenders is on my listas I continue the progression of Real Estate Investing.Send a private message if needed.I look forward to connecting soon.Dale

2, Should I replace in wall AC unit with a newer model or just cover the area?

I agree, systems and models are key.